trending Market Intelligence /marketintelligence/en/news-insights/trending/eigyhe81kew5fhjhcc8cna2 content esgSubNav
In This List

Proxy advisers split on AmTrust deal; reinsurance M&A may pick up again

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Proxy advisers split on AmTrust deal; reinsurance M&A may pick up again

Morgan Stanley said in a report that a deceleration of rates at June 1 renewals may result in an increase in reinsurance merger and acquisition activity akin to what the industry saw in the wake of smaller-than-expected increases at Jan. 1 renewals, Business Insurance reported.

Analysts at Keefe Bruyette & Woods last week also said that consolidation in the reinsurance space was likely to continue. Several executives they spoke to, however, do not think that there will be deals during the active hurricane season.

The National Hurricane Center recently downgraded Subtropical Storm Alberto to a subtropical depression. Based on the latest forecast track, Alberto will move over central and northern Alabama through the morning of May 29. The system is forecasted to move over the Tennessee Valley later in the day and into the Ohio Valley and Great Lakes region on Wednesday and Thursday. Alberto is expected to produce two to six inches of rain from north Florida to the southern Appalachians through Thursday.

Proxy advisory firm Institutional Shareholder Services is advising AmTrust Financial Services Inc. shareholders to reject the company's pending go-private transaction, but Glass Lewis is recommending that shareholders vote in favor of the deal

Chinese regulators appointed China International and UBS Group to advise them on plans to unwind Anbang Insurance Group Co. Ltd.'s investments, the Financial Times reported.

Anbang has also begun a search for a strategic shareholder after the state injected 60.8 billion yuan into the insurer and its former chairman was sentenced to 18 years in jail, Reuters wrote.

A federal court in Philadelphia ruled that W. R. Berkley Corp. unit Nautilus Insurance Co. does not have to indemnify a motel management company accused of negligence for failing to prevent human sex trafficking on its premises, according to Business Insurance.

Standard Life Aberdeen PLC proposed to return up to £1.75 billion of capital to its shareholders following completion of the sale of its capital-intensive insurance business to Phoenix Group Holdings.

Featured news

Roche's Tecentriq meets goals in lung cancer study; J&J halts Darzalex trials: Roche Holding AG said the phase 3 IMpower 130 study of Tecentriq plus chemotherapy met its main goals, helping people with advanced, non-squamous non-small cell lung cancer live significantly longer compared to chemotherapy alone.

Financial news in parts of the world

Asia-Pacific: China overseeing 5 financial firms; SGX, NSE ends trading link talks

Europe: UK readying RBS stake sale; Italian bank stocks fall amid political turmoil

Middle East & Africa: Kenya, Tunisia hold rates; First International Bank of Israel posts Q1 profit

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng lost 1.00% to 30,484.58, while the Nikkei 225 fell 0.55% to 22,358.43.

In Europe, around midday, the FTSE 100 dropped 1.36% to 7,625.13, and the Euronext 100 shed 1.16% to 1,054.14.

On the macro front

The S&P Corelogic Case-Shiller home price index, the consumer confidence report, the State Street Investor Confidence Index and the Dallas Fed manufacturing survey are due out today.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.